A perp gives you price exposure. It does not give you ownership of the asset.
A contract on a price
Buying a token on spot means holding that token. Opening a perpetual position means entering a derivative whose value changes with a reference market. A BTC perp can gain or lose as Bitcoin moves, but the position is not Bitcoin you can withdraw to a Bitcoin address.
A long benefits from a higher exit price; a short benefits from a lower one. In both cases, fees and holding costs affect the result.
No expiry does not mean no exit
Unlike a dated future, a perp does not have a scheduled expiry. That does not guarantee that a position stays open forever. Margin requirements, liquidation, a market halt, or settlement can end or interrupt it.
Funding is a recurring payment associated with holding a position. Include it in the cost of a trade even when your price target has not changed.
Before opening the ticket
Know the full market name, collateral, available balance, and intended position size. Read the leverage and liquidation guides before treating the size slider as a budget. Available buying power is a platform calculation, not a recommendation for how much to use.
Spot versus a perp
Owning 0.1 BTC and holding a 0.1 BTC long perp can have similar price exposure. Only the spot holding is the coin itself; the perp also has margin requirements and funding.
Illustrative figures only. Not a price forecast or trade recommendation.Further reading
Protocol details and market rules can change. Check the current specification before trading.
Educational content, not investment advice. Trading perpetuals can result in substantial loss. Market access is subject to eligibility and location. Product disclosures.